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Maharashtra Budget 2008-2009
2008-03-19 13:09:00
Maharashtra Finance Minister Jayant Patil on Wednesday created a record by presenting his 10th consecutive budget in the legislative assembly.Patil, senior NCP minister who came to the assembly sporting a dhoti, kurta and a cap like a farmer, started his budget presentation with a Marathi couplet eulogising the contribution of the farmers and wishing them prosperity.Patil has been presenting the state budget since the Congress-NCP government came to power in 1999.Union power minister Sushilkumar Shinde had a record of producing nine consecutive budgets while he was state finance minister.As soon as he started reading his budget, the opposition members raised slogans demanding complete loan waiver for the farmers and blank "saath bara"( land revenue document).The slogan shouting continued for about five minutes.The higlights from the budget speech are :Maharashtra’s economy is seen growing at 9% during 2007-08, according to the economic survey tabled in the state legislature on Tue...
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European stocks falter after early gains
2008-03-19 12:36:00
European stocks stumbled as a sell-off in British bank shares wiped out early gains inspired by the U.S. Fed's 3/4 point interest rate cut, with liquidity concerns still hanging heavy over markets. The stock market losses spilled into currencies as the dollar and sterling weakened broadly on renewed concerns about the global financial system as the credit squeeze that started in August last year continues. Safe-haven European government bonds jumped more than a third of a point on talk of more stress in the banking sector. British mortgage lender HBOS fell as much 17 percent before recovering some losses, while Societe Generale lost nearly 7 percent after BNP Paribas said it would not bid for the French bank. Royal Bank of Scotland lost 3.2 percent and Barclays fell 2.1 percent. Stock markets in Asia had picked up the baton from Wall Street's searing rally after the U.S. Federal Reserve's 75 basis point cut to 2.25 percent proved just the tonic they ...
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Rupee improves further
2008-03-19 11:13:00
The rupee improved by another seven paise to 40.44/45 against the US dollar in late morning deals on the back of sharp recovery in equity markets and expectations of fresh capital inflows after US Federal Reserve interest rate cut last night. In quite trade at the forex market, the local currency opened remarkably higher at 40.36/38 a dollar from yesterday's close of 40.51/52 a dollar. Dealers attributed rally in the rupee to sharp surge in Asian equity markets. Later, the rupee was quoted slightly lower but still up at 40.44/45 in late morning deals.
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Infrastructure sectors grew 4.2% in Jan
2008-03-19 11:12:00
Poor performance in almost all core areas of the infrastructure sector, including crude oil, power, cement and coal has led to a steep fall in six core infrastructure industries to 4.2 per cent in January, against 8.3 per cent in the correspon ding period last year. During April-January 2007-08, the growth rate of these core industries declined to 5.5 per cent against 8.9 per cent during the same period last fiscal. According to official data released on Wednesday, the crude oil production registered a negative grow th of 0.2 per cent in January, compared to 4.7 per cent last year. Growth in coal production also declined to 4.8 per cent as against 9.9 per cent. Meanwhile, the electricity sector witnessed a growth of 3.3 per cent in January, against 8.3 per cent and cement sector registered a growth of 5.2 per cent compared to 7.2 per cent.
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MTNL gains buzz of stake sale in Sri Lankan unit
2008-03-19 09:49:00
BSE Sensex was up 358.95 points, or 2.42%, to 15201.06 as fears of a global turmoil in credit markets eased after a 0.75% interest rate cut by the US Federal Reserve and following better-than-expected results from two major investment banks -- Goldman Sachs Group and Lehman Brothers Holdings.On BSE, 4.07 lakh shares of the scrip were traded. The stock had an average daily volume of 10.60 lakh shares on BSE in past one quarter. The scrip had touched a high of Rs 104 and a low of Rs 99.40 so far during the day. The stock had hit a 52-week high of Rs 219.45 on 3 January 2008 and a 52-week low of Rs 95.50 on 17 March 2008. The scrip had underperformed the market in the one month to 17 March 2008, falling 23.91% as against the Sensex`s 18.25% fall. It had also underperformed the market in the past three months, slipping 45.32% against the Sensex`s 22.38% slide. The state-run telecom service provider has an equity capital of Rs 630 crore. Face value per share is Rs 10. At the current pric...
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Yes Bank clarifies on rumours
2008-03-19 09:19:00
Yes Bank Ltd has said there have been unfounded rumors on Yes Bank's foreign exchange derivatives exposure and its implications on the Bank's operations. The bank confirms that it has a highly qualified top management and treasury team responsible for the bank's foreign exchange risk portfolio with highly robust risk management and mitigation systems, processes and controls embedded within the bank. Yes Bank continues to focus on corporate, SME and retail banking businesses. The bank currently has 60 branches. It would launch 57 more branches towards the course of the year. The bank reported a net profit of Rs 135.52 crores for the nine months period ended December 31, 2007, a growth of 114% over the corresponding period last year.
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US Dollar no longer welcome at Taj Mahal
2008-03-19 06:05:00
America's pride, the dollar, that was all-powerful till recently is losing its sheen. In yet another troubling sign for the greenback, at least one of the seven wonders of the world is now off limits if you have only U.S. currency in your pocket. India's tourism minister said Thursday that the dollar will no longer be accepted at the Taj Mahal and other national tourist sites. Until the change, foreign tourists visiting the Taj Mahal in Agra, south-west of Delhi, could enter by paying a fixed $5 (£2.45) fee – a price that was set when the dollar was worth around R50. But with the dollar having fallen by 12 per cent this year against the rupee and the current exchange rate closer to R39 to the dollar, the government has now fixed the entry price for foreigners at R250 – more than $6. Charging only rupees now seems more practical and will save tourists money because "the dollar was weaker against the rupee," says Tourism Minister Ambika Soni.Indians pay around R10 or R20 to en...
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Gold plunges on profit taking
2008-03-19 05:55:00
Gold prices plunged on the bullion markets on Tuesday (March 18) as stockists took profits after a meltdown in Asian markets, reports Economic Times. An overnight slide in crude oil prices and small recovery in equity markets also supported downtrend of gold prices in local bullion markets.On Tuesday, the price of yellow metal fell to Rs 13,205 per 10 gm in Mumbai, down Rs 290 over the previous day's all-time closing high of Rs 13,495. While Delhi lost Rs 270 before finishing the business at Rs 13,290, it traded Rs 295 lower at Rs 13,425 per 10 gm in Kolkata. Reports that gold fell as low as USD 994.38 an ounce in Asian markets from Monday`s all-time high of USD 1,032.70, was the main reason for latest sell-off in the domestic markets, analysts said. However, gold showed a positive trend in the European and US markets and rose more than 1% to USD 1,010 an ounce on the back of recovery in crude oil prices and the softer dollar. Silver also came under selling pressure on lack of an...
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Asian markets rise on Fed rate cut
2008-03-19 04:05:00
Asian stocks belled the day on a high note on Wednesday (Mar. 19, 2008) following the U.S. bank earnings and a Federal Reserve interest-rate cut, reducing concerns about financial crises.In an effort to save the economy from recession, the US Federal Reserve on Tuesday decided to lower its target for the federal funds rate by 75 basis points to 2.25%. The rate cut however stood below the market expectation of 100 basis points reduction.The Dow Jones industrial average rose 420.41 points, or 3.51%, at 12,392.66. The NASDAQ composite index rose 91.25 points, or 4.19%, to 2,268.26.Sony surged the most in five months in Tokyo after the dollar strengthened against the yen, increasing the value of Japanese exporters.Japanese benchmark index Nikkei advanced 328.57 points, or 2.75%, to trade at 12,292.73.Hong Kong`s index Hang Seng climbed 592.55 points, or 2.77%, to trade at 21,977.16.China`s Shanghai Composite rose 53.38 points, or 1.45%, to trade at 3,722.28.Taiwan`s Taiex index rose 164...
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Fed delivers 3/4 point cut
2008-03-19 03:25:00
In an effort to save the economy from recession, the US Federal Reserve on Tuesday decided to lower its target for the federal funds rate by 75 basis points to 2.25%. The rate cut however stood below the market expectation of 100 basis points reduction. The markets in US pared gains slightly from over 2% to near 1.5%. Dow Jones industrial average climbed 184.72 points, or 1.54%, to trade at 12,156.97, while NASDAQ composite index rose 32.85 points, or 1.51%, to trade at 2,209.86. S&P 500 index went up 24.68 points, or 1.93%, to trade at 1,301.28. Announcing the rate cut, the Federal Open Market Committee (FOMC) said the recent information indicates that the outlook for economic activity has weakened further. Growth in consumer spending has slowed and labor markets have softened. Financial markets remained under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few qu...
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Rupee gains 0.37% to 40.62/USD
2008-03-18 14:40:00
The Indian Rupee gained 0.37% against the US Dollar on Mar. 18, 2008. The Reserve Bank of India`s (RBI) reference rate for the US Dollar stood at Rs 40.62 on Mar. 18, 2008, as against Rs 40.77 on previous day i.e. Mar. 17, 2008. Similarly, the domestic currency appreciates 0.60% versus the Euro on the same day. The reference rate for Euro stood at Rs 64.09 on Mar. 18, 2008, as against Rs 64.48 on Mar. 17, 2008. As revealed in the table below, the local currency rose 0.98% against the Great Britain Pound (GBP), and 0.29% against the Japanese Yen (taking into account 100 Yen). Date Currency 1 GBP 100 YEN March 17, 2008 82.1047 41.90 March 18, 2008 81.2989 41.78 Source: RBI Note: The reference rate is based on 12 noon rates of a few select banks in Mumbai. The SDR-Rupee rate will be based on this rate. The exchange rates of GBP and Japanese Yen against the Rupee are based on the reference rate for US Dollar and middle rates of the cross currency quotes at 12 noon to...

Orchid Chemicals` market cap shave off 50% in 2-days
2008-03-18 14:38:00
Chennai-based Orchid Chemicals & Pharmaceuticals extended its losses on Tuesday snapping more than 10% after Monday`s rout where the stock almost nosedived 40% at the BSE. The scrip closed today down Rs 13.10, or 10.31%, at Rs 113.95. Over 1.13 million shares were traded at the BSE. The scrip touched a high of Rs 137 and a low of Rs 109.15.The stock plunged on Monday as the Orchid Chemicals` founders offloaded 7% stake due to margin calls. Bear Stearns also sold about a million shares of the company.Orchid Chemicals & Pharmaceuticals reported 91.07% rise in net profit to Rs 541.173 million for the quarter ended December 2007 as compared to Rs 283.235 million for the quarter ended December 2006.Total Income increased 39.33% to Rs 3,329.905 million for the quarter ended December 2007 from Rs 2,389.969 million for the quarter ended December 2006.The scrip has slumped 48.05% over the past one week and 55.21% over the past one month.
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FIIs continue selling
2008-03-18 12:51:00
Foreign institutional investors (FIIs) sold shares worth net Rs 128.80 crore on Friday, 14 March 2008, compared to their selling of Rs 172.50 crore on Thursday, 13 March 2008.FII outflow of Rs 128.80 crore on 14 March 2008 was a result of gross purchases Rs 3545.60 crore and gross sales Rs 3674.40 crore. The 30-share BSE Sensex surged 403.17 points or 2.63% at 15,760.52 on that day.FII outflow in March 2008 totaled Rs 1890.90 (till 14 March 2008). FII outflow in calendar year 2008 totaled Rs 13,193.40 crore (till 14 March 2008).There are a total of 1,312 FIIs registered with the Securities & Exchange Board of India (Sebi).
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Confidence Petroleum India enters into joint venture with Energtek Inc
2008-03-18 12:50:00
Confidence Petroleum India has entered into a joint venture with Energtek Inc. (OTCBB: EGTK), world leaders in NG & Adsorbed Natural Gas (ANG) Technology to provide clean and affordable pipeless natural gas supply to automotive and industrial consumers. Energtek Inc. is a U.S. based company with subsidiaries in the U.S., India, Ukraine, and Israel.Adsorbed natural gas technology provides cost-effective storage of natural gas, by maximizing tank storage capabilities. ANG technology utilizes activated carbons placed inside the tank to adsorb greater quantities of gas, similar to a sponge. Use of ANG technology creates two possibilities: Similar volumes of gas can be stored in the same container at a lower pressure significantly reducing the costs of refueling infrastructure, and fuel costs for the driver. Plus, lower pressure allows greater flexibility in NG tank design (as opposed to standard cylindrical NG tanks). Larger volumes of NG can be stored in the same container, at the same...
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Higher Q4 advance tax payment lifts market
2008-03-18 12:49:00
Most of the Indian firms have paid higher advanced tax in Q4 March 2008 compared to that in Q4 March 2007. This augurs well for the domestic stock markets in near term, as higher tax payments indicates higher net profits in the quarter.TCS (up 3.26% at Rs 818), Larsen & Toubro (up 3.03% at Rs 2785.30), ICICI Bank (up 2.32% at Rs 775), and Reliance Industries (up 1.53% at Rs 2214), Housing Development Finance Corporation (up 0.96% at Rs 2246.10), rose.However, State Bank of India (down 0.82% at Rs 1620) and Mahindra & Mahindra (down 1.46% at Rs 628), fell.State Bank of India paid Rs 1418 crore as advance tax in Q4 March 2008 as against Rs 690 crore in Q4 March 2007.Reliance Industries paid Rs 443 crore in Q4 March 2008 compared to Rs 118 crore in Q4 March 2007.Housing Development Finance Corporation paid Rs 250 crore in Q4 March 2008 as against Rs 165 crore in Q4 March 2007.Larsen & Toubro paid Rs 170 crore in Q4 March 2008 as against Rs 80 crore in Q4 March 2007.ICICI Bank paid Rs 2...
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L&T recovers
2008-03-18 12:48:00
A higher tax payment indicates higher net profit of the company in the quarter.Meanwhile, BSE Sensex was up 217.72 points or 1.47% to 15,027.21, tracking recovery in Asian markets. Reports that some of the top Indian corporates have paid higher advance tax in the fourth installment of 15 March 2008, also supported the market as the higher tax payments raised expectations of good Q4 March 2008 results.On BSE, 2.43 lakh shares were traded in the counter. The scrip had an average daily volume of 2.19 lakh shares in the past one quarter.The stock hit a high of Rs 2809.90 and a low of Rs 2690 so far during the day. The stock had a 52-week high of Rs 4670 on 1 November 2007 and a 52-week low of Rs 1432 on 19 March 2007.The large-cap scrip had underperformed the market over the past one month till 17 March 2008, declining 23.56% compared to the Sensex`s fall of 18.25%. It had also underperformed the market in the past one quarter, declining 31.86% compared to Sensex`s decline of 22.38%.The...

Indian Hotels gains on strong Q4 profit outlook
2008-03-18 12:47:00
A higher tax payment indicates higher net profit of the company in the quarter.Meanwhile, the BSE Sensex was up 90.03 points, or 0.61%, to 14880.83.On BSE, 2.03 lakh shares of the scrip were traded. The stock had an average daily volume of 4.95 lakh shares on BSE in past one quarter.The scrip had touched a high of Rs 107.50 and a low of Rs 100.05 so far during the day. The stock had hit a 52-week high of Rs 163.80 on 2 January 2008 and a 52-week low of Rs 93.05 on 22 January 2008.The scrip had outperformed the market in the one month to 17 March 2008, falling 16.61% as against the Sensex`s 18.25% fall. It had, however, underperformed the market in the past three months, slipping 24.76% against the Sensex`s 22.38% slide.The Tata Group-run mid-cap hospitality firm has an equity capital of Rs 72.34 crore. Face value per share is Rs 1.At the current price of Rs 105.70, the scrip trades at a PE multiple of 11.83, based on Q3 December 2007 annualised EPS of Rs 8.93.The net profit of India...
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Asian indices end mixed after yesterday`s mayhem
2008-03-18 12:47:00
The Asian markets mostly ended mixed today, after an across the board carnage yesterday, though, barring Japan, most of the other indices ended mixed. The Japanese indices recouped in the end while The Shanghai-listed stocks extended losses into the fifth straight day on worries of continued monetary tightening by the central bank, and forcing a retreat for China-related shares in Hong Kong.Japanese shares bucked the trend to end the higher on bargain buying in beaten-down financial stocks such as Mitsubishi UFJ Financial Group. Australian and South Korean stocks were also unsettled by losses for resource stocks after a pullback in crude oil and metal prices.China`s Shanghai Composite fell 3.9% to 3,668.89, on worries the central bank may announce measures to rein in inflation at the end of the National Party Congress meeting Tuesday. China`s Premier Wen Jiabao promised to take forceful steps to damp inflation at an 11-year high, a sign that overheating remains the government`s main...
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Goodyear India net profit declines 27.94% in the December 2007 quarter
2008-03-18 12:46:00
Net profit of Goodyear India declined 27.94% to Rs 7.35 crore in the quarter ended December 2007 as against Rs 10.20 crore during the previous quarter ended December 2006. Sales rose 2.90% to Rs 244.57 crore in the quarter ended December 2007 as against Rs 237.68 crore during the previous quarter ended December 2006.For the full year, net profit declined 10.84% to Rs 40.23 crore in the year ended December 2007 as against Rs 45.12 crore during the previous year ended December 2006. Sales rose 7.36% to Rs 889.66 crore in the year ended December 2007 as against Rs 828.66 crore during the previous year ended December 2006.
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Market Rumour :RPL in SEBI watch List for insider trading
2008-03-18 08:25:00
India’s stock market regulator is probing the movement of Reliance Petroleum Ltd’s (RPL) share over the past few weeks. The share rose by 76% between 22 October and 1 November when it touched a high of Rs295 in intra-day trading on the Bombay Stock Exchange (BSE), and fell by 18% between 5 November and 6 November after the National Stock Exchange (NSE) barred derivatives traders from taking fresh positions in RPL futures.A senior official of the Securities and Exchange Board of India (Sebi), who did not wish to be named, confirmed that the capital market regulator has called for trading data from stock exchanges and is “looking into the matter”. “I can’t share with you any information at this point as this is confidential,” the official added. He said Sebi routinely looks into stocks that show unusual movements.It is the stock market regulator’s job to investigate sharp and sudden movement in share prices, but such investigations, by themselves, do not imply any wr...
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Asian markets open higher ahead US Fed meet : Indian Market likely to advan
2008-03-18 05:50:00
Asian markets opened on a positive note on Tuesday (Mar. 18, 2008). The markets advanced for the first time in four days, led by financial companies, on increased speculation that U.S. Fed will cut interest rates by 1% point.Mitsubishi UFJ Financial Group advanced. Korean Air Lines climbed on speculation crude oil`s decline from the record high will reduce fuel costs.BHP Billiton and Rio Tinto Group declined after copper and aluminum declined.Japanese benchmark index Nikkei advanced 172.05 points, or 1.46%, to trade at 11,959.56.Hong Kong`s index Hang Seng climbed 71.19 points, or 0.34%, to trade at 21,155.80.China`s Shanghai Composite declined 78.35 points, or 2.05%, to trade at 3,741.70.Taiwan`s Taiex index rose 12.22 points, or 0.15%, to trade at 8,017.68.South Korea`s KOSPI advanced 9.45 points, or 0.60%, to trade at 1,583.89.Singapore`s Straits Times rose marginally 9.28 points, or 0.33%, to trade at 2,802.03. (8.20 a.m., IST)
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What should an investor do now?
2008-03-18 03:51:00
In much the same way that markets go up, they also come down. Therefore, advises a senior fund manager, if you are a long-term investor and can remain invested for at least a year, don't lose too much sleep. And there are a few good reasons why you ought not to.The current bear phase, he explains, has nothing to do with the performance of Indian companies. It is, essentially, a function of the trouble in the US. So long as these problems persist, markets across the world will remain jittery and stock prices will remain low. Theoretically, therefore, it is a great opportunity for investors to reshuffle their portfolios.How you do that, though, depends on what kind of an investor you are. According to a market veteran, if you are a mutual fund investor, staying invested would be a good idea. That's because fund managers are already churning their portfolios to contain losses. When the recovery starts, their gains will be good. However, if you have invested in sector-specific funds, ...
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Bear Stearns liquidates Rs 900cr Indian equities
2008-03-18 03:50:00
The Indian outfit of US's fifth largest investment bank, Bear Stearns , on Monday began liquidating its holdings in India, triggering fears of a further plunge in the stock prices of mid-cap companies held by it. Bear Stearns Mauritius Ltd (BSMA), the Indian arm of the beleagured bank, has liquidated Rs 667.47 crore worth of shares, as Indian markets plummetted by 951 points on Monday on the heels of the global meltdown.Even on Friday, BSMA had sold off Rs 265.61 crore worth shares through negotiated deals on the Indian bourses. Majority of the holdings have been liquidated either by transferring of its holdings through P-note accounts or through negotiated deals.JP Morgan said it would acquire Bear Stearns for $236.2 million, a paltry $2 a share in a deal that represents a shocking collapse for one of the world's largest investment banks. The buyout was aimed at averting a bankruptcy and a spreading crisis of confidence in the global financial system sparked by problems in the US ...
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The "Final Four" Lessons of a Financial Crisis
2008-03-18 03:26:00
“A forecast is never so useful as when it warns man of a crisis.” ~ Bertrand de Jouvenal, The Art of Conjecture (1977) Falling real estate prices, an unrelenting decline in the U.S. dollar, gasoline prices approaching $4 a gallon, gold hitting $1,000 an ounce, a grinding bear market on Wall Street…. How does one survive and prosper during a financial crisis that just won’t go away? The latest crisis occurred this weekend, when the Federal Reserve engineered a bailout of Bear Stearns, a major U.S. bank that was selling for $70 a share just a week ago, and today is selling for under $4. The Fed also cut a quarter point off the Discount Rate, and opened up the Discount Window to brokerage firms for the first time since the Great Depression. It is expected to cut the Fed Funds Target Rate substantially at its meeting tomorrow. ...
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Orchid Chemicals & Pharmaceuticals falls 40% : Good Buy
2008-03-17 15:38:00
Orchid Chemicals & Pharmaceuticals fell 40% today as one of FII investors (Macquarie Bank which owned 6% of the company shares) offloaded its stake in the company. The company Fundementals remain unaffected and is a good buy at current levels. The stock is expected to recover and bounce back to Rs 200, by April.Global investment banking and equity research firm Macquarie Bank had acquired 6.84% in pharmaceutical company Orchid Chemicals for Rs115.78 crore. Macquarie Bank bought 4,500,000 shares amounting to 6.84% stake in Orchid Chemicals through secondary market purchase route on 27 December, Orchid Chemicals said in a disclosure to the Bombay Stock Exchange. Calculated on the basis of the closing price of Orchid Chemicals on 27 December (Rs257.30), the deal value amounted to about Rs115.78 crore, at a price of 291. Valuation At the current price of Rs 1...
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FIIs remain net sellers in equities on March 5
2008-03-08 11:37:00
Foreign institutional investors (FIIs) remained net sellers in equities worth Rs 1,297 million (USD 32.10 million) on March 5. They bought equities worth Rs 28,525 million and sold equities worth Rs 29,822 million. Till March 5, they have been net sellers in equities worth Rs 12,860 million.FIIs were also net sellers in debt segment on March 5 worth Rs 4,143 million (USD 102.70 million). They did not buy any debts but sold debts worth Rs 4,143 million. Till March 5, they have been net sellers in debts worth Rs 4,143 million.FIIs turned net buyers in derivatives worth Rs 6,031.1 million on March 5. They bought derivatives worth Rs 24,710.2 million and sold derivatives worth Rs 18,679.1 million.
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TVS Finance to delist from BSE and MSE
2008-03-08 11:36:00
The members at the extra ordinary general meeting (EGM) of TVS Finance & Services on Mar. 07, 2008, accorded the board to voluntarily delist the company`s equity shares from Bombay Stock Exchange (BSE) and Madras Stock Exchange (MSE) on which the company`s equity shares are presently listed.TVS Finance & Services (TVS-FS) was established in 1998 and is a part of TVS group. TVS-FS`s core business includes both corporate and retail finance. The products offered to the corporate sector include leasing and hire purchase of equipment and discounting of bills. Retail financing is focused on financing products comprising TVS Suzuki two wheelers, consumer durables and other IT products. Shares of the company declined Rs 1.05, or 4.37%, to settle at Rs 23. The total volume of shares traded was 14,040 at the BSE.

US employers slash jobs, thousands drop out of the labour force
2008-03-08 03:33:00
Dangerous cracks in the US job market are deepening. Employers slashed jobs by the largest amount in five years and hundreds of thousands of people dropped out of the labour force - ominous signs that the country is falling toward a recession or has already toppled into one. For the second straight month, nervous employers got rid of jobs nationwide. In February, they sliced payrolls by 63,000, even deeper than the 22,000 cut in January, the Labour Department reported on Friday. The grim snapshot of the country's employment climate underscored the heavy toll the housing and credit debacles are taking on companies, jobseekers and the economy as a whole. "It sounds like the recession bell is ringing for the US economy, although it is still faint," said Stuart Hoffman, chief economist at PNC Financial Services Group. On Wall Street, stocks tumbled. The Dow Jones lost 146.70 points, a little more than 1 per cent to close at 11,893.69. The Dow was down 370 for the last tw...
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Why are Divident Paying companies better?
2008-03-08 03:22:00
Many people who began investing during the tech craze of the 1990s were taught to ignore dividends. The logic was that company managers who couldn’t adequately reinvest in their own business for growth were probably a bad risk for any investment dollars. Warren Buffett famously has never paid a dividend at Berkshire Hathaway because he wants to reinvest every dollar of free cash flow himself. But neglecting dividend-paying companies hurts investor returns... At the turn of the century, and with the change of tax treatment on dividends, money began pouring back into firms that paid dividends. (A prominent feature of the much-maligned Bush tax cuts included tax-code changes that dropped the rate for dividends from high ordinary income levels – 35% in the top bracket – to a maximum of 15%.) Bernstein Global Wealth Management prepared the amazing chart below, which demonstrates the po...
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India and China likely to outgrow US economy by 2050: PriceWaterhouseCooper
2008-03-07 11:02:00
In what could be a tectonic shift in the global economic centre of gravity, the size of India 's economy would grow to 90 per cent of the US by 2050, with China becoming even bigger than the world's current largest economy, according to a PriceWaterhouseCoopers report. "The global centre of economic gravity is already shifting to China, India and other large emerging economies and our analysis suggests that this process has a lot further to run. Our latest projections suggest that China could overtake the US in around 2025 to become the world's largest economy and will continue to grow to around 130 per cent of the size of the US by 2050," it said. India could grow to almost 90 per cent of the size of the US by 2050, PwC Head of Macroeconomics John Hawksworth said. The global advisory firm projected that Brazil seems likely to overtake Japan by 2050 to move to the fourth place, while Russia, Mexico and Indonesia all have the potential to have economies larger than those o...
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